I happened to take a loan from Fullerton India. They had actually appointed a sales force and one of the sales person approached me. Since I needed only minimum amount, I had applied for a loan of Rs. 100, 000/- The sales person said that there will be a reduction of Rs. 3000/- whereas when I received the money in my bank I received only Rs. 93500. Later when I tried calling the sales person, he was elusive.
When you calculate this for 93500 I am actually paying 19% per annum with an EMI of 4050 for 36 months.
Now I want to foreclose the loan they are once again charging Almost 6% of the balance amount. Moreover the customer service is so poor that we have to go to their office for each every small detail.
I would suggest one and all to NEVER TAKE PERSONAL LOAN FROM FULLERTON INDIA..
They are not worth it. Worst is their customer service.......
Please read on. This was added to my earlier write up. I wanted to foreclose the loan after paying 6 months of installments Rs. 4050 (total 24300). I was told that I still have to pay Rs. 91700/- to foreclose. I paid that too. This happened in 19th May. I was advised by the person that I need to inform my bank for stop payment as the ECS for next installment will come on the 5th of June. I informed my bank and they did the stop payment for the 5th dated ECS. However after this on 14th of June without my knowledge Fullerton once again presented the ECS and the amount of Rs. 4050/ - was cleared.See the equation. Loan amount taken Rs. 93500 (that was what I received in hand)EMIs paid = 24300 in 6 months Foreclosed the loan by paying 91700 Another EMI deducted due to inefficiency from their side - 4050
I had borrowed Rs. 93500 and effectively paid 116000/- in 6 months and in addition to that another 4050 was deducted which may be I will get back after continuous follow up.
Now I have written to their customer service and they say that it will take another 2 weeks for resolution. Is is really worth taking loan this way. It will be more convenient to take it on 2% interest per month from the near by pawn broker.
Let me give you a comparison if you take the same loan against a pawn broker
In order to get 93500 you need to initially pledge for Rs.95600.Monthly interest would be Rs. 1912. For 6 months it would be 11472 on the seventh month when you give the principle 95600 / - You will end up paying only 107072. You still save Rs. 8000/- And there is no head ache of running behind them. of course this is not a EMI version where the principal declines . But what I am trying to say is that Fullerton is fleecing us more than the local pawn broker.
Please do not go for Fullerton loan at all.